The Securities and Exchange Commission and the United Kingdom’s Financial Conduct Authority have reaffirmed their commitment to cooperation and information sharing, even after the latter withdraws from the European Union.
It was announced Friday that SEC Chairman Jay Clayton met with FCA CEO Andrew Bailey and signed two updated Memoranda of Understanding (MOUs) “to ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.” At their meeting in London, Clayton and Bailey also discussed risks posed by jurisdictional share trading obligations, which could increase market fragmentation and impose unnecessary costs on investors, an SEC statement says.
